Oil prices have been climbing for weeks now as demand optimism grows, geopolitical risk rises, and the global economic outlook improves.
Sentiment in oil markets is undeniably bullish, with WTI and Brent on course to post yet another weekly gain.Friday, July 5th, 2024Whilst market activity was relatively slim with US markets closed for Independence Day holidays, the triple combination of lower US crude, gasoline and diesel inventories have instilled hope in the market that summer demand wouldn’t be that bad after all.
Defying the White House’s snapback of sanctions, Venezuela managed to slightly increase its oil production last month to 922,000 b/d, up from 912,000 b/d in May, thanks to increasing activity in new drilling and well workovers. Alaska Sues the Biden Administration.
Oil Prices WTI Brent Energy Sentiment Demand Supply
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bullish Sentiment Is Building in Oil Markets as Demand Concerns FadeOil prices have climbed recently as demand concerns have faded while the geopolitical risk premium returned amid a potential Israel-Lebanon clash.
Read more »
OPEC Demand Forecast Boosts Bullish Sentiment in Oil MarketsAn optimistic demand forecast from OPEC and signs of an easing U.S. labor market have pushed oil prices higher this week.
Read more »
Rising Fuel Demand Is Driving Bullish Sentiment in Oil MarketsIt appears that summer fuel demand is finally kicking in, boosting bullish sentiment in oil markets and pushing Brent above the $81 mark.
Read more »
Oil Prices Climb as Sentiment Continues to ImproveOil prices have been climbing steadily since the OPEC meeting sent them crashing to multi-month lows, and the Fed could send them higher still.
Read more »
Oil Price Outlook More Bullish Than Selloff Suggests Fund ManagerPortfolio manager Eric Nuttall argues that the recent oil selloff is unjustified and that the price outlook is more bullish than many believe due to a misunderstanding of OPEC plans.
Read more »
Iran Oil Minister Denies Claims of 'Massive Discounts' on OilIran's oil minister has hit back at allegations made by two presidential candidates that the government has been selling oil at a massive discount.
Read more »